Aluminum Association Responds to Section 232 Report Release
Feb 17, 2018, 00:42
The R Street Institute disagrees strongly with the U.S. Commerce Department's affirmative finding that current steel imports jeopardize national security and urges President Donald Trump not to implement the department's recommended 24 percent global tariff to alleviate the supposed problem.
In a report to US President Donald Trump, Commerce Secretary Wilbur Ross includes among the options a almost 24 per cent tariff on all products from China, Russia, Hong Kong, Vietnam and Venezuela. The second was a 23.6 percent tariff on China, Hong Kong, Russia, Venezuela and Vietnam, with all other countries subject to a quota equal to the amount they exported the United States in 2017.
"Now is the time for Presidential action to prevent excess steel capacity and surging steel imports from undermining our national security and the viability of the US steel industry", the companies stated.
A quota on all steel products from all countries equal to 63% of each country's 2017 exports to the United States.
"We can not be without a steel industry", President Trump said Monday during a White House meeting with lawmakers.
The goal of these tariffs would be to increase domestic production of steel and grow the United States steel workforce.
The U.S. aluminum industry helps manufacturers produce sustainable and innovative products, including more fuel-efficient vehicles, recyclable packaging, greener buildings and modern electronics. Our imports are almost four times our exports.
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Already, there are reports that the European Union - one of the biggest exporters of steel to the USA - could retaliate with a tariff on U.S. agricultural goods.
Aluminum stocks also bounced, led by an 8% jump for Century Aluminum. China is by far the largest producer and exporter of steel, and the largest source of excess steel capacity. He could use tariffs or specifically target companies.
The conservative group FreedomWorks blasted the recommendation, calling it a hidden tax on USA consumers. The American Automotive Policy Council, a Washington-based trade group that represents GM, Ford and Fiat Chrysler Automobiles NV, warned in May that import restrictions would hurt the vehicle industry and its workers. For example, there is only one remaining US producer of the high-quality aluminum alloy needed for military aerospace.
"Aluminum used to make beer cans is not a national security threat".
The Aluminum Association Friday separately said while Commerce said job loss in the primary aluminum sector was 58% between 2013 and 2016, the total industry saw a slight increase in jobs during that period.
The department suggests a variety of ways the United States could act to restrict imports.
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